Latest update of the mortgage interest rate: As the Indian real estate market sees an increase in sales and housing registrations, potential buyers are considering home loans to finance their projects. Homebuyers should note that home loan interest rates can vary from bank to bank depending on the borrower’s risk profile, gender and loan amount requested.Also Read – India to grow 7.5% in 2022-23, 20 basis points higher than previous forecast: SBI Research
However, before opting for a home loan, check the interest rates offered by various lenders including HDFC, State Bank of India (SBI), Union Bank of India and Kotak Mahindra Bank: Read also – Omaxe Chandigarh Extension Housing Project: NGT orders commission to file report within 2 months
HDFC Bank: HDFC Bank, India’s largest mortgage lender, offers home loans at an interest rate of between 7.15 and 8.05. However, the variation in the interest rate depends on the risk profile of the borrowers like CIBIL score, gender and loan amount. If customers have an excellent CIBIL score, they will get a cheaper interest rate compared to those with lower scores. Diggers should note that home loan interest rates are applicable to loans under HDFC’s variable rate home loan program and are subject to change at the time of disbursement. Read also – Good news for SBI customers! Bank offers loan up to Rs 35 Lakh via YONO App | Check eligibility here
National Bank of India: The State Bank of India (SBI) offers interest rates of 7-7.6% on home loans. The bank also has separate interest rates for move-in ready properties.
Union Bank of India: Right now, Union Bank of India is offering an interest rate of between 6.9 and 8.6% on home loans, depending on salaried and self-employed borrowers.
Kotak Mahindra Bank: Besides these banks, private sector lender Kotak Mahindra Bank offers interest rates of 6.55-7.6% on home loans. However, the bank also charges GST and a processing fee, which can be around 0.5%.
Homebuyers should be aware that the RBI raised policy rates to control the high rate of inflation, and subsequently lenders also raised their interest rates for deposits and loans.